Unocal Takes 13 Blocks in Western Gulf Lease Sale



Unocal is the apparent high bidder for interests in 13 tracts in the Western Gulf of Mexico OCS Lease Sale 192 conducted Wednesday by the U.S. Minerals Management Service (MMS).

The company along with co-bidders submitted apparent high bids amounting to approximately $6.93 million on 13 deepwater leases. Unocal's net total for the tracts is about $3.24 million. (See table below for detailed bid information.) The MMS is currently evaluating the high bids and will accept or reject the bids in the coming months.

Unocal currently holds an interest in 361 Gulf of Mexico leases including 230 deepwater exploratory leases, 67 shelf exploratory leases and 64 shelf development leases.

The results of Sale 192 bring Unocal's combined portfolio to 374 OCS leases in the Gulf of Mexico, if all bids are approved by MMS.



Apparent high bids by Unocal

     Area/Block                Unocal working    Gross bid       Net bid
                                  interest
     Garden Banks 521(1)             40%          $1,059,840      $423,936
     Garden Banks 565(1)             40%          $328,320        $131,328
     Garden Banks 566(1)             40%          $1,059,840      $423,936
     Garden Banks 604(1)             50%          $1,088,640      $544,320
     Keathley Canyon 545(2)          40%          $246,681        $98,672.40
     Keathley Canyon 589(2)          40%          $487,681        $195,072.40
     Keathley Canyon 633(2)          40%          $523,681        $209,472.40
     Keathley Canyon 609(3)          50%          $230,681        $115,340.50
     Keathley Canyon 653(3)          50%          $253,625        $126,812.50
     Keathley Canyon 824(4)          50%          $668,681        $334,340.50
     Keathley Canyon 874(4)          50%          $427,681        $213,840.50
     Keathley Canyon 319(5)          75%          $278,678        $209,008.50
     Keathley Canyon 320(5)          75%          $278,678        $209,008.50
     (1) Bid partner and operator - Kerr-McGee
     (2) Bid partners - Devon and Total
     (3) Bid partner - Total
     (4) Bid partner - Devon
     (5) Bid partner - Spinnaker

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